An online journal at the centre of a Cambridge spying storm has stopped publishing.

The Journal of Intelligence and Terrorism Studies, which channels funding into an academic forum called the Cambridge Intelligence Seminar, says it will close down with immediate effect.

National newspapers have reported that three members of the forum, which meets at Corpus Christi College and debates international intelligence and terrorism issues, have resigned because they believe the Kremlin is linked with the journal

Veruscript, the publishers of the journal, say the suggestion is “a serious and wholly unfounded allegation”, and they have now revealed the journal is being axed.

In a statement, the company said: “The decision was made after a range of spurious and completely unfounded claims were made in UK media about a small sponsorship of under £2,000 of the Cambridge Intelligence Seminars solely to provide marketing funds.

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“This sponsorship has been used by commentators to call into question the veracity of the journal, its academic leadership and the integrity of the publishers, by the UK media publishing sensational and outrageous claims that Veruscript may be a Kremlin-backed organisation or acting as a front for the Russian intelligence services.

“All claims and allegations are false and without substance, and the company has retained legal advice to assess the reputational damage caused to the company as a result of such sensational reporting.

“However, for the benefit of its other titles and on-going academic publishing activity, it was agreed by Veruscript’s board of directors that closing the services of this unique product was the most appropriate action at this time.”

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Commenting on the decision, Gleb Cheglakov and Nazik Ibraimova, co-founders of Veruscript, said: “We reiterate that we have not accepted, and would not consider, any form of state or agency funding under any circumstances, British or foreign.

“Any suggestion that we would seek influence in return for the very modest commercial and public investments we have made in academic forums, in any sector, is nonsensical and derisory. The whole point we have set up the business is to secure free speech and the open exchange of ideas, in an environment of total independence.

“We appreciate that there is heightened interest in Russia and its geopolitical status, but despite all parties disputing the allegations, and no evidence being found, Veruscript and its publication has found itself caught up in news and speculation about independent research, thinking and the University of Cambridge which is the exact opposite of what we have set out to achieve.

“We must though accept that the media interest in intelligence affairs, even their academic study in a mainly historical context, has made the launch publication in our series unfortunate in its subject matter, however excellent its merits. It clearly serves the interests of all concerned now, not least the academic communities to which we are passionately committed, for us to refocus our attentions exclusively on the sciences and social sciences which Veruscript has been founded to support.

“In these circumstances, because of the unwarranted suspicions generated by the UK media reports, we believe that we have no alternative but to close the publication. We remain committed to open access academic research and debate and will continue to publish in less contentious areas next year.”